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Crude Consolidates After Sharp Fall

OIL

After a sharp fall on Tuesday, oil prices are slightly higher during the APAC session. WTI is up 0.2% to $80.30/bbl after reaching a low of $80.08 and a high of $80.66. Brent is flat to around $86.40 after a high of $86.81 and low of $86.27. Again recession fears are being balanced by an expected increase in Chinese demand. The USD is flat.

  • On the upside, Brent failed to break through resistance at $89.18 on Tuesday, the December 1 high.
  • Representatives from OPEC members have said that they expect the advisory committee to recommend that output quotas are unchanged at next week’s meeting. (bbg)
  • API data showed another build in US crude stocks. They rose 3.4mn barrels in the latest week and gasoline inventories rose 0.6mn but distillate fell 1.9mn. The EIA data is out later today.
  • Today the Bank of Canada is expected to announce a 25bp rate hike. With the Fed media blackout currently in place and no data on the calendar, it is a quiet schedule in the US. The German IFO survey for January prints.
Energy BulletsCommodities
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